Economic Survey of Finland 2014

Strong growth, innovation and structural reforms in the decade preceding the global economic and financial crisis transformed Finland into one of the world’s most competitive economies, ensuring a high level of well-being for its citizens. More recently, however, competitiveness has deteriorated and output has fallen, as electronics and forestry collapsed. The latest settlement between social partners for modest wage increases over the next two years will help. More broadly, economic revival requires building on impressive human capital, strong institutions and sound macroeconomic and financial management to strengthen growth and increase integration in global value chains.

The government has announced an ambitious package of structural reforms to: consolidate municipal finances; boost productivity growth in public services and continue providing them at an affordable cost as population ageing pushes up demand; extend working careers and raise labour supply to make up for a shrinking working-age population; reduce structural unemployment; and raise the economy’s potential output. Meeting these goals is crucial to maintain high living standards and well-being.

Additional Information

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